Adamind Ltd announces intention to float

News

Adamind Ltd, a global leader in media adaptation software products for the MMS (multimedia messaging) market, has announced its intention to float on the AIM of the London Stock Exchange.

Adamind develops and sells software to global mobile operators that primarily enables delivery of images, ringtones, audio and video between mobile phones. Multimedia messaging, also known as MMS, is considered to be the next significant revenue driver for mobile operators while its use is being hindered by basic incompatibility between mobile handsets making content impossible to view by the receiving side.

Adamind’s products solve the handset incompatibility problem by real-time, “on the fly” adaptation of the content via a central software solution residing within the operator’s MMS server infrastructure. The products are sold through system integrators and strategic global MMS infrastructure vendors such as Openwave, LogicaCMG and other top class vendors to mobile phone operators worldwide. Adamind has already gained commercial deployments for MMS in over 80 tier-1 and tier-2 operator customers across the globe.

The purpose of the flotation is to enable Adamind to raise new funds to accelerate its growth plans and enhance its corporate profile.

Adamind was formed through the combination of the media adaptation businesses of Emblaze and Philips in September 2004. Pre flotation, on a fully diluted basis, Philips holds 25.5 per cent and Emblaze holds 59.5 per cent of the shares in Adamind. 15 per cent has been reserved for employees via the Employee Stock Option Program.

Media adaptation is a key requirement for the success of the rapidly growing MMS market. Furthermore, the market for media adaptation software is anticipated to grow substantially beyond MMS due to increased spending on mobile data infrastructure, rising demand for advanced handsets and the availability of a wide range of content, all aimed at driving up average subscriber revenue.